PureCycle Technologies (NASDAQ:PCT) Announces Earnings Results, Misses Expectations By $0.32 EPS

PureCycle Technologies (NASDAQ:PCT) posted its earnings results on Thursday. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.32), reports.

PureCycle Technologies Trading Up 11.7 %

Shares of PureCycle Technologies stock traded up $1.08 during trading on Friday, reaching $10.30. The company’s stock had a trading volume of 3,260,561 shares, compared to its average volume of 2,243,852. PureCycle Technologies has a 52-week low of $4.50 and a 52-week high of $15.58. The company has a market cap of $1.79 billion, a price-to-earnings ratio of -6.87 and a beta of 1.58. The firm’s 50-day moving average is $9.73 and its two-hundred day moving average is $9.88. The company has a quick ratio of 1.63, a current ratio of 1.74 and a debt-to-equity ratio of 1.36.

Analysts Set New Price Targets

A number of research firms recently weighed in on PCT. TD Cowen upped their target price on shares of PureCycle Technologies from $10.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price target on shares of PureCycle Technologies in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus boosted their price target on shares of PureCycle Technologies from $8.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th.

Insider Activity

In other PureCycle Technologies news, major shareholder Sylebra Capital Llc acquired 619,925 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was bought at an average price of $8.06 per share, with a total value of $4,996,595.50. Following the purchase, the insider now owns 34,077,574 shares of the company’s stock, valued at approximately $274,665,246.44. This trade represents a 1.85 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.09% of the stock is owned by corporate insiders.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.